Valuing high-rise buildings with flammable cladding

Meeting: 
MQT on 2020-01-16
Session date: 
January 16, 2020
Reference: 
2020/0254
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What impact will the new valuation process for high rise buildings with flammable cladding, agreed by the Royal Institute of Chartered Surveyors, UK Finance, and Building Societies Association, have on the London housing market?

Answers

Answer for Valuing high-rise buildings with flammable cladding
Valuing high-rise buildings with flammable cladding

Valuing high-rise buildings with flammable cladding

Answered By: 
The Mayor

The new valuation process is a positive first step, but it is unlikely to resolve the crisis. For example, across the G15 group of London housing associations, there are at least 650 households currently unable to move or remortgage due to this issue.

This is a national problem. Before Christmas, members of my Homes for Londoners Board wrote to the Secretary of State urging decisive action from the Government. Amongst other things, this letter called on the Government to review and clarify the contradictory and confusing Advice Notes which have led to issues with the valuation process.